A monopoly firm faces the following average revenue (demand) curve: P = 360 0.04Q where Q denotes the output and P is the price, measured in dollars The firms cost function is given by C = 60Q + 5000. Assume that the firm maximizes profits.

The marginal cost (MC) of production is $60.

Can you calculate the total producer surplus in this market?

Group of answer choices

a) $505600

b) $562500

c) $525050

d) $546250